1. GST is also
known as
A. First point retail tax
B. First point wholesale tax
C. Last point wholesale tax
D. Last point retail
tax
2. In India we
will have
A. Single
GST
B. Double
GST
C. Dual GST
D. None
of the above
3. Which of the
following rates is not decided by the Reserve Bank of India?
A. Bank Rate
B. Repo Rate
C. Reserve Repo rate
D. Income Tax Rates
4. What are
MSMEs in the Indian economy?
Ans. Micro,
Small & Medium Enterprises
5. The Planning Commission has been
replaced by NITI Aayog. What does NITI stand for?
Ans: National Institution for Transforming India
6. When did RBI release the Third Bi-Monthly Monetary Policy Statement 2016-17?
Ans: 9 August 2016
7. What is Ponzi scheme? Who is it named
after?
Ans: It is a form of fraud in
which belief in the success of a non-existent enterprise is fostered by the
payment of quick returns to the first investors from money invested by later
investors.
The Ponzi scheme is named after Charles
Ponzi. In the 1920s, Charles Ponzi tricked thousands of people into investing
in a postage stamp scheme.
At the time of his scheme, the annual
interest rate for bank accounts was five percent. Ponzi promised investors a
high return – 50% -- in a very short amount of time. However, there were no
investments. There were no honest returns. Ponzi used incoming funds from new
investors to pay the returns to the earlier investors.
